Rizal Commercial Banking Corporation posted an unaudited consolidated net income of P4.0 billion, with P7.2 billion of provisions for loan losses as a conservative stance to proactively manage the higher risks brought about by the pandemic.
“While the bank remains at a relatively healthy position, we have yet to see the full impact of this pandemic. We continue to strengthen our balance sheet in order to soften further impact in the coming months. Our digital capabilities have gained traction and we will focus on onboarding more clients with our digital platforms,” RCBC president and CEO Eugene Acevedo said.
RCBC has sustained its momentum on core income with Gross Income reaching P29.4 billion, higher by 6 percent compared to last year. Net interest income rose by 20 percent year on year to P19.7 billion, given lower funding costs and better margins. Its diversified customer loan portfolio continued to expand by 10 percent to P452.2 billion, led by the small and medium enterprises (SME) and consumer loan segments which registered year-on-year growth of 16 percent and 8 percent, respectively.
The credit card business also grew, with credit card receivables accelerating by 21 percent, and card base of over 900,000 reflecting an 8 percent year-on-year growth.
Annualized Return on Equity (ROE) stood at 6.2 percent and annualized Return on Assets (ROA) at 0.7 percent.
The bank remains focused on the changing needs of its customers. RCBC’s digital transformation is centered on achieving a high level of customer experience, process efficiency and productivity.